Dubai Marina Edition - THE JOURNAL - Autumn 2012

Autumn 2012

Dubai Marina NEW PENALTY FOR JBR SERVICE FEE DODGERS

RENTS IN MARINA UP BY 7.5% IN 14 MONTHS

MEYDAN OPEN ITS EXCLUSIVE STRETCH OF JBR BEACH

NEW LEVEL OF LUXURY AT DUBAI MARINA MALL

JBR residents who have outstanding service

Rents in Dubai Marina have spiked by 7.5% since

Meydan Hotel, which is based on the Dubai/Al Ain

Dubai Marina Mall has recently welcomed the

fees will face a monthly 1% penalty on the

August last year. This was the highest jump in the

Road, has opened its private stretch of beach in

opening of Italian brand, Galvanni. The brand’s

amount. The move has been made by newly

five residential areas compared in a report by

JBR. It offers two infinity pools, a spa and a gym,

polo heritage brings crisp whites, tailored

appointed Taziz Management Solution.

Gulf News Xpress.

as well as renowned Milanese restaurant Giannino.

trousers and, naturally, polo shirts, to Dubai.

Dubai Marina in Numbers

6

million. The entry-level price for a penthouse apartment in a high-quality building in Dubai Marina.

11,000,000

Price in dirhams paid for a very well upgraded and furnished apartment in Sadaf 8 in JBR.

1,800

Dirhams per square foot – the

price recently achieved by a 36th-floor apartment in one of the Emaar ‘Six Towers’.

120,000

The number of people that will

call Dubai Marina home, once the entire development is completed.

414

The height in metres of Princess Tower. The

newly opened tower is the tallest residential building in the world.

If you Dream of Sand Dunes...

A sea view was always at the top of Katja Sander’s Dubai wish list, and her Jumeirah Beach Residence apartment fits the bill perfectly

by Sam Armstrong

“I grew up in Berlin, which is such an edgy, urban environment that living by the beach was a dream for me,” says Katja, who has found a home in the Murjan complex in JBR. “I have been here a year now and it is still a real luxury to wake up in the morning and look straight out onto the water; the view relaxes me like nothing else.” Katja makes the most of the proximity no matter the time of day. “I get up early and go for a jog and I also love walking on the sand at night.’’

A place where she can relax and enjoy some downtime provides the perfect counter-

balance to Katja’s office in DIFC: “It is important for me to have a distinction between work and home life, so living close to the office was never a priority. In Europe 30-minute commutes are the norm, and this way I can take advantage of all the action in DIFC before stepping into a more laid-back environment.’’

Katja recognises that what she finds a tonic isn’t how everyone views JBR living: “Of course life in the Marina very much depends on where you are situated and how much construction is going on around you. Places like JBR Walk can feel congested when you drive in, but when you live here it is actually very relaxed and there are so many amenities within walking distance.’’

Katja enjoys a window into the world of some of the UAE’s most opulent homes in her role as Assistant Fair Director at Design Days Dubai. The yearly event is a new initiative, which first took place in March this year, showcasing limited-edition design pieces and

collectibles. When asked about her own interior aesthetic Katja jokes that the pieces she works with are somewhat out of her budget: “Prices are not high as those for contemporary art, but you can still be looking at around $50,000 for some pieces; perhaps I should ask for a pay rise,’’ she laughs. But creating a sanctuary that reflects her personal style is something she undoubtedly enjoys. “The longer I am here I realise Dubai is somewhere I want to stay for the foreseeable future, so I invest more in my interiors. There are some wonderful local carpenters who can create individual pieces that mix really well with things you can find in the shops.’’

It is clear that Katja is a person who needs to feel inspired and Dubai ticks that box. “This is a fantastic city where you still have the chance to develop something new. There is an undercurrent of competitive spirit where everyone is driving each other to succeed and that is incredibly rewarding.’’

WWW.LUXHABITAT. AE

2013

The year that InterContinental Hotels

Group Plc is set to open its first property in Dubai Marina, and third in Dubai. Along with guest and residential suites, there will be a spa, club, restaurants and bars in the hotel, set to open at the end of next year.

350,000,000 The amount in dirhams one would shell out to buy an unnamed 22-storey hotel for sale in Dubai Marina.

1,000

The price per month in dirhams demanded

by some Dubai Marina building owners for an extra parking space.

TO READ MARKET UPDATES FROM OTHER NEIGHBOURHOODS

www.thejournal.ae/neighbourhood

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THE JOURNAL

Autumn 2012

www.luxhabitat.ae

Dubai Marina

Expert View ALEXANDER VON SAYN-WITTGENSTEIN Luxury Sales Specialist E: aw@luxhabitat.ae | +971 50 154 4695

Rev Up for Le Rêve This extraordinary penthouse in Dubai Marina offers 5,600 sq.ft of living space. See p18 for more information. Property ref. 1006

A LITTLE MORE PLEASE...

Dubai Marina Mall has added Little More Demand for premium apartments in Dubai is on the up, with stubborn negotiators losing out as prices creep higher

to its growing band of restaurants. An offshoot of Dubai dining institution More café,

Where units in Dubai Marina’s upmarket Le Rêve development could be found at around AED 16 million in the first quarter of this year, buyers are now looking at upwards of AED 18 million for a comparable property. The area’s most prestigious address, Le Rêve has always remained in demand but movement was slow, and long-drawn-out negotiations tended to keep prices down. Buyers were reluctant to pay a premium when they saw other units available for less, so those that were on the market for AED 16m took several months to sell. Yet, now these are off the market, interest has been piqued and demand has surged.

This shows that even in a buyer’s market, stubborn negotiating can be a false economy as property prices pick up. It takes only one or two buyers making a realistic offer for those negotiating around the AED 14m mark to suddenly find themselves faced with an entry price AED 4m higher.

Luxhabitat currently has two four-bed units in Le Rêve at AED 18m (6,100 sq ft) and we expect them to move quickly. Owners in this building have always preferred to keep hold of their properties and, as we see prices continue to increase, this won’t change – that is, unless they can fetch an absolute premium. Prices here can be found as high as AED 24m among those who are not necessarily serious about selling but want to test the market value.

At Emaar’s pivotal ‘Six Towers’ development, one of the original in the Marina, prices are holding well. A 36th floor, 6,500 sq ft unit recently sold for AED 11m (1,800 per sq ft).

Elsewhere in the Marina, June saw an exceptional sale in JBR with a furnished property in Sadaf 8 (without a prime view) being bought for AED 11m. The price was the result of strikingly high-quality upgrades and expensive furnishings. In a cluttered market, upgrades do pay off and the property sold relatively quickly – in about four months. In

Little More is not merely a scaled-down

“In a property being sold as furnished, the emphasis needs to be on high-end pieces. Sellers who are prepared to invest are reaping the rewards”

version of the original. Instead, the new restaurant offers a lighter, brighter and altogether fresher alternative in both décor and dining options. With the vibrant, contemporary space already buzzing within weeks of opening, the menu offers a simple selection of breakfasts, soups, salads, sandwiches and mains. The dishes we tried proved delicious, and we discovered

comparison, there are less-well-upgraded properties with a similar layout and view on the market for AED 6-7m, and some with better views at between AED 9-10m.

In general, buyers are still negotiating hard and a relatively small margin in context of the overall value can stall sales. Some are choosing not to purchase unless they can get a much cheaper price. The exception to this rule is in a case like Sadaf 8 where a property has benefited from the kind of upgrades that add genuine value; clearly, to justify the additional spend the quality must reflect the premium.

Buyers at this level know what they are looking for and, in a property being sold as furnished, the emphasis needs to be on highend pieces. Sellers who are prepared to invest at this level are reaping the rewards.

The minimum asking price for a Marina penthouse has increased from AED 6m to AED 8m over the past few months and, as in other parts of the city, there continues to be an undersupply of premium apartment properties in the area. In this respect Dubai differs from other major cities, such as London, Hong Kong and Paris, where high-end apartment living is more common and there is a greater number of larger, up-market options to be found. But for those with a substantial budget looking for an apartment, Dubai Marina (followed by the DIFC-Downtown area) still yields the few choices available.

This two-bedroom loft-style duplex apartment on a high floor in Jumeirah Beach Residence has furnishings and fixtures inspired

Alexander von Sayn-Wittgenstein spoke to Sam Armstrong

by those of a cool, contemporary boutique hotel. The sea views are simply breathtaking. Price on application. Property Ref. 997

a great new drink: tangi soda – a citrusy homemade blend akin to a light milkshake.

Little More is a must-visit – and looks destined to attract a loyal troupe of regulars.

Autumn 2012

www.luxhabitat.ae

THE JOURNAL

MAKE IT A MOVIE NIGHT If you are not familiar with MAKE Business Hub in Al Fattan Tower, you have probably been living under a sand dune consectetur adipisicing elit, sed do eiusmod tempor incididu consectetur adipisicing elit, sed do eiusmod tempor incididunt

for the past six months. This urban café, designed as a cross between a workspace, social spot and casual dining venue, buzzes with the city’s entrepreneurial and freelance types. And now its owners are making sure you have your leisure time covered too. MAKE has launched its Thursday film nights, perfect for a low-key movie-thon. The theme changes every four weeks; currently it’s a documentary series with highlights such as Man on Wire and Senna. The screenings are free, as is the popcorn, and you can also order from an à la carte menu.

“The idea behind film nights is to provide a new social activity for like-minded people – MAKE regulars, movie enthusiasts, or simply those looking for a way to unwind and between the work week and the weekend,” said Leith Matthews, MAKE’s founder and owner. “Following the great feedback from our ‘Dinner with Ted’ social dining initiative [which has a special guest speaker], we were encouraged to host more social events.”

Movie nights are on Thursdays at 7.30pm and the monthly Dinner With Ted resumes on Wednesday September 12

BOUTIQUE 1 BOOK SHOP With Boutique 1’s rails of designer labels displayed artfully around its vast floorspace you would be forgiven for missing the small but perfectly formed book collection on the ground floor. This hidden gem has some wonderfully unusual and creative titles, mostly themed around fashion and style and ideal for everyone from a fledgling fashionista, to full-blown shopaholic. Nina Chakrabarti’s My Wonderful World of Fashion is a beautifully illustrated colouring book for adults that allows you to design and create individual pieces and wardrobe collections. And for the debonair gentleman there are wonderfully eccentric titles, including The Moustache Growers Guide, alongside quirky children’s books and sections on food, travel and art.

If you opt for this extraordinary penthouse, you will be rewarded with this view: a nightly display of twinkling lights as Dubai Marina comes to life. The apartment has been completely upgraded and the floor plan totally redesigned to make it a superb space for entertaining. At 4,100 sq.ft (380 sq.m) it has two luxurious bedroom suites. AED 8,000,000. Property Ref. 888

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THE JOURNAL

Autumn 2012

www.luxhabitat.ae

FEATURED PROPERTIES

Property Gallery

Scan the QR code with your smartphone to www.luxhabitat.ae

Duplexes often come with numerous bedrooms, which makes this one-bedroom duplex apartment in Murjan a real find. Bachelors or newlyweds can move in straight away with the apartment coming fully furnished to an extremely high standard. The 2,300 sq.ft (213 sq.m) duplex has a cool, Manhattan loft feel thanks to its industrial piping, polished concrete floors and steel finishings. It comes complete with a study, south-westerly Marina views and state-of-the-art technology. AED 5,500,000. Property Ref. 826

Also pictured on p16, this five-bedroom penthouse offers startling Marina views and beautiful hard-wood flooring. Set in one

This penthouse in Jumeirah Beach Residence has its own pool on a private terrace, with a backdrop of stunning sea views.

of the Marina’s best buildings, the tower has a pool, gym, jacuzzi, sauna and steam room. AED12,500,000. Property Ref. 1006

Find four bedrooms, five bathrooms, study and staff quarters across 5,650 sq.ft (524 sq.m). AED10,000,000. Property Ref. 994